Aug 2010
14
Social security may or may not be a current issue with Billeaters, but it's in the future for us all, like it or not. It is never too early to become knowledgeable in how to work the SS system. Here is a great article from Morningstar Chris Benz that will open your eyes a bit...
Timing your Social Security start date so you can pocket the maximum benefit over your lifetime is one of those financial-planning topics that makes your head hurt (or mine, at least). I discussed optimizing your Social Security benefits in this article, and in this one waded into the topic of starting Social Security early in your retirement, then restarting again at a later date--a so-called Social Security do-over. Morningstar.com users, many of whom have firsthand experience with navigating the tricky terrain of Social Security, weighed in with wisdom of their own, so I urge you to read the comments that appear below both articles.
Maximizing a Social Security benefit during your own lifetime is a headache unto itself: You'll have to consider your own income needs and desired retirement start date, and also make some assumptions about your own longevity and health. But maximizing benefits during two lifetimes forces married couples to multiply the decision-making by 2, and adds a few more variables into the mix for good measure.
http://news.morningstar.com/articlenet/printArticle.htm
